Grayscale Advances BNB, Hyperliquid ETF Plans with Delaware Filings

Highlights:

• Grayscale has registered the Delaware trusts for its BNB and Hyperliquid ETFs.
• The filings are a necessary step in the process of ETF submission to the SEC.
• Competition for altcoin ETFs has remained intense among large asset managers.

Grayscale Investments has taken a notable step toward expanding its crypto ETF lineup. The asset manager overseeing about $35 billion in assets registered statutory trusts in Delaware tied to BNB and Hyperliquid. These filings signal preparation for future spot exchange-traded fund submissions.

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The trusts appeared on the Delaware Division of Corporations website on January 8. They list CSC Delaware Trust Company as the registered agent. Although preliminary, such filings usually precede federal registration steps, whereby market participants now expect formal ETF paperwork to follow.

Grayscale Advances BNB and Hyperliquid ETF Groundwork

Through the Delaware registrations, the firm laid the legal foundation for two potential spot ETFs. Specifically, the Grayscale BNB Trust carries file number 10465871. Meanwhile, the Grayscale HYPE Trust appears under file number 10465863.

⚡️JUST IN: Grayscale has registered for a BNB and HYPE ETF. pic.twitter.com/4SQXuXJZUt

— Coin Bureau (@coinbureau) January 9, 2026

Typically, asset managers complete these state-level steps before approaching federal regulators. Afterward, firms submit an S-1 registration statement to the U.S. Securities and Exchange Commission. That document outlines fund structure, custody, risks, and investment objectives. Consequently, the Delaware move suggests internal preparation already underway.

In addition, regulatory conditions now favor faster crypto ETF listings. The SEC has approved generic listing standards for qualifying crypto ETFs. As a result, issuers no longer need asset-specific Section 19(b) rule changes, reducing procedural friction for new products.

Competition Intensifies Across Altcoin ETF Filings

Grayscale’s filings place the firm alongside other large asset managers pursuing similar strategies. Earlier, VanEck registered a BNB ETF trust and later filed an S-1. That filing followed in May after an April trust registration. Furthermore, VanEck confirmed plans tied to Hyperliquid exposure.

Meanwhile, other issuers have increased pressure on the SEC review pipeline. In September, Bitwise filed with the SEC to launch a Hyperliquid ETF. Market analysts widely view that product as closest to approval. Moreover, 21Shares submitted paperwork for a leveraged Hyperliquid-linked product.

Analyst Kirbycrypto noted on X that Grayscale’s HYPE filing breaks precedent. Historically, the firm favored older, more established digital assets. However, Hyperliquid remains barely over a year old, suggesting a shift in product strategy.

Grayscale has officially registered for HYPE ETF

If this proceeds, HYPE would be the youngest asset Grayscale has ever created an ETF/trust for.

Historically, Grayscale has been extremely conservative..
All previously listings were 3–10+ years old before Grayscale touched… pic.twitter.com/yVWwcXvPoP

— kirbycrypto (@kirbyongeo) January 9, 2026

Market Context and Broader Product Expansion

The filings arrived during mixed market conditions for both assets. BNB has displayed relative strength during the broader market pullback. As of this writing, BNB is trading around $890, with a modest gain of 0.40% over the last 24 hours. 

Meanwhile, HYPE has slipped to around $25, after recording a decline of more than 2% on the daily chart. Despite short-term price pressure, Hyperliquid continues to gain infrastructure credibility. The protocol dominates decentralized perpetual trading volume. At peak activity, it captured roughly 80% of on-chain perp trading.

Grayscale already has nine live crypto ETFs. These products provide exposure to Bitcoin, Ethereum, XRP, and Solana. In addition, the firm has filed for altcoin ETFs tied to SUI, Avalanche, and Bittensor. In November, the firm filed with the SEC to convert its Zcash trust into a spot Zcash ETF. Moreover, its large-cap fund GDLC gained approval for NYSE trading.

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